GBP/USD Rolling Over at Resistance - Where Next?
Chart Analysis:
GBP/USD is approaching the critical 1.2500 resistance level, a threshold that could determine the next directional move for the pair.
1️⃣ Resistance at 1.2500:
The horizontal level at 1.2500 has acted as a significant barrier, capping recent upward momentum.
A decisive break above this level would pave the way for further gains, potentially targeting the 1.2600 area or beyond.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2525, aligning closely with the resistance zone and reinforcing its importance.
200-day SMA (red): At 1.2791, remains above current price levels, indicating that the longer-term trend still favors the bears.
3️⃣ Momentum Indicators:
RSI: At 51.49, showing neutral momentum but with room for further upside before reaching overbought territory.
MACD: Remains below zero but is trending higher, suggesting improving bullish momentum.
What to Watch:
A sustained breakout above 1.2500 and the 50-day SMA could signal the start of a bullish reversal.
Failure to clear this zone may result in a pullback, with immediate support at 1.2400 and further downside toward 1.2300.
GBP/USD remains at a pivotal juncture, with the 1.2500 level acting as a key hurdle that bulls must overcome to establish a broader recovery.
-MW
GBP/USD is approaching the critical 1.2500 resistance level, a threshold that could determine the next directional move for the pair.
1️⃣ Resistance at 1.2500:
The horizontal level at 1.2500 has acted as a significant barrier, capping recent upward momentum.
A decisive break above this level would pave the way for further gains, potentially targeting the 1.2600 area or beyond.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2525, aligning closely with the resistance zone and reinforcing its importance.
200-day SMA (red): At 1.2791, remains above current price levels, indicating that the longer-term trend still favors the bears.
3️⃣ Momentum Indicators:
RSI: At 51.49, showing neutral momentum but with room for further upside before reaching overbought territory.
MACD: Remains below zero but is trending higher, suggesting improving bullish momentum.
What to Watch:
A sustained breakout above 1.2500 and the 50-day SMA could signal the start of a bullish reversal.
Failure to clear this zone may result in a pullback, with immediate support at 1.2400 and further downside toward 1.2300.
GBP/USD remains at a pivotal juncture, with the 1.2500 level acting as a key hurdle that bulls must overcome to establish a broader recovery.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.